1.如果就学术而言,国内最近也有些关于投资银行的书面世,比如:
何小锋、黄嵩,《投资银行学》,北京大学出版社。
谢剑平,《现代投资银行》,中国人民大学出版社。
有些网站也有丰富的资料,除了各大投资银行网站以及一些财经网站比如WSJ(华尔街日报)、FT(金融时报)、Bloomberg等等(相关网址恕不赘列),还有比如:
http://ww.vault.com/
http://ww.wetfeet.com/
http://www.careers-in-finance.com/ib.htm
http://www.investment-banking-resources.com/
http://fisher.osu.edu/fin/cern/invbank.htm
http://www.a-ten.com/alz/inbank.htm
http://www.cibclub.com.cn/net/index.php (注: 和君创业做的,其老板王明夫另办有所谓的投资银行私塾,不过我没有参加过,据我所知,北大清华有很多学生参加,具体情况不详。)
http://www.hongxing163.com/list.asp?boardid=43
http://club.amteam.org/club/default.asp (注:AMT Club,背景是著名的华尔街金融培训公司爱姆特,但这个网站的大部分资料和咨询相关,但有很多关于投资银行的资料。)
http://www.gsmer.net/home/forumdisplay.php?f=100 (这个就不介绍了,光华人的投行版,上面有大量的关于投行的资料。)
2.积累积累再积累
投行看中哪些知识呢?我觉得,和部门也有比较大的关系,不同的部门侧重的知识可能也有所不同。拿投资银行最广为人知的投资银行部来说,其看中的专业知识主要有几个部分:
1.Corporate Finance (公司财务)
2.Financial Statement Analysis (财务报表分析)/ Accounting (会计)[注:对会计的知识要求其实并不像四大国际会计师事务所要求那么严格,所以,财务报表分析的知识已经足够用了]
3.Valuation (价值评估)
4.Investments (投资学)[注:主要指证券投资学,其实和公司财务有交叉重叠]
5.M&A (企业并购)[注:较少涉及]
这就需要申请者平时多加注意这些专业知识的积累和学习,根据我的面试经历,投资银行部(IBD)常问的问题无非以上那些,常见的比如有:
1.How to value a firm?
2.What is the Balance Sheet/ Income Statement/ Statement of Cash Flows?
3.What is Free Cash Flow? / How to calculate Free Cash Flow?
4.What is CAPM?
5.How to calculate WACC/ Cost of Capital?
6.What is the difference between FIFO and LIFO?
7.Compare with P/E ratio, P/BV ratio, and P/S ratio.
8.What is the current ratio/ quick ratio/ …………?
9.What is NPV/ IRR/ …………?
10.What is the DCF Model/ DDM Model…………?
近年来,各华尔街投资银行除了投资银行部以外,其它部门也开始逐渐进入中国开展业务,比如固定收益部(FID)、资本市场部(CMD)等,这些部门可能更侧重一些别的知识,比如:
1.Futures, Options and Other Derivatives (经典教材:John Hull)
2.Market Sense/ Financial Market (要求跟踪市场)
3.Macro-Economy Status (宏观经济状况)
4.Fixed Income Securities
这些部门可能会常问以下一些问题:
1.What is Forward/ Swap/ Future/ Call Option/ Put Option…………?
2.What are the basic principles of Black-Scholes Model?
3.What is Yield Curve/ Term Structure………..?
4.What is Duration/ Convexity…………?
5.What is the interest rate of the 10-year Treasury Notes in America at present?
6.How to value a bond?
7.What is yesterday’s DJIA/ S&P500 / Nasdaq/ …………?
8.What are the effects if FED raises basis interest rates?
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